Even Barclays PLC said that it plans to cut up to 2,100 jobs in its retail and commercial banking unit. Barclays has already begun its discussion over the layoffs with the union leaders. It will take all possible measures to reduce compulsory redundancies.
"Barclays continually reviews its operations and resources so that they function efficiently as business needs and customer requirements evolve," the bank said in a statement. "In the current market conditions, this is particularly important."
Barclays, Britain's fourth largest bank, employed some 135,000 worldwide at the beginning of 2008. Motorola as part of its cost cutting measures would freeze its pension plans and reduce executive pay.
OneIndia News (With inputs from Agencies)